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As a result of the latest EU sanctions, the majority of its coatings business in Russia is being suspended.
April 18, 2022
By: KERRY PIANOFORTE
On April 15 AkzoNobel Issued the following statement regarding its business in Russia: Our business in Russia represented about 2% of our revenue prior to the start of the conflict and we have 640 colleagues in the country. Our Aerospace Coatings activities and new investments and marketing activities have already been suspended in Russia. As a result of the latest EU sanctions, the majority of our Coatings business in Russia is being suspended and the residual Russian business will be locally operated. We’re evaluating the situation daily and it might be that more of the remaining business in Russia could come to a halt in the next months especially due to the practical difficulties around the supply of raw materials in Russia.
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